Cushman & Wakefieldís Multifamily Advisory Group led by Ed Rosen, John Chu and Alejandro Lombrozo facilitated the Deal of the Week.
The deal was the sale of Villa Real Apartment Homes, the 163-unit apartment complex at 2701 Avenida de Anita, Carlsbad, for $20.1 million.
The buyer was TMG Carlsbad Apartments LLC, c/o Triumph Properties Group LLC of Beverly Hills. Steven Feder is the manager of Triumph. The acquisition was financed with a loan of $17.65 million from Coamerica Bank.
The seller was Douglas P. Wilson, as receiver for Helix Assoc., a California limited partnership, pursuant to a Superior Court.
Helix Assoc. was a limited partnership that owned and operated the community for over 30 years. The two-story property was built in 1978, and consists of one- and two-bedroom units. The 15-building complex occupies more than 10 acres.
Amenities include a pool and spa, fitness center, tennis court, racquetball court, on-site laundry facilities and covered parking. Triumph intends to immediately reposition the property with a renovation program that will include improved common area amenities and upgraded unit interiors.